The rise of China - opportunities and challenges for Asian from a Vietnam perspective

PHILIPPINE REVIEW OF ECONOMICS XLII No JUNE 2006 P 63-72 The rise of China: opportunities and challenges for ASEAN from a Vietnamese perspective Pham Thai Quoc* Ser nearly thirty years of instituting reforms, China has become a potent global force, and its emergence as a superpower has become a source of both anxiety = hopes for countries constituting the Association of Southeast Asian Nations On the one hand, the rise of China provides opportunities for ASEAN to in= ‘exports and diversify export markets On the other, there are territorial disputes = China and some ASEAN member countries in the South China Sea This paper «< tha the rise of China is inevitable and unstoppable Nonetheless, ASEAN member =s can be better-off by strengthening cooperation with China At the same time, “ser ASEAN should strengthen its economic and political ties with other countries Sde counterweight to China’s growing influence in the region | S> instituting reforms and opening and integrating itself with the world economy, ework for ASEAN to absorb more FDI from China Second, reforms in the southwest of China have been expanding vigorously In "Se vast, trade between China and ASEAN was mainly through sea-lanes Today more _